Success in the ever-changing truckload market depends on having accurate, relevant, and timely rate data and analytics to help guide actions – so how do you find the right partner to procure that data?
Transparency is a cornerstone of trustworthiness for data providers, as their ultimate purpose is to help customers confidently make informed decisions. Shippers evaluating providers need to understand the source, volume, and quality of the provider’s data to accurately determine whether it meets their business needs. Especially in an industry as complex as transportation and logistics, having reliable data for unique business cases can be a challenge – and the right partner should be able to face it head on.
Access to internal or external data is just the beginning; data must be processed, cleansed, harmonized, and presented in a clear format that enables further analysis and actionable insights that drive better freight operations decisions.
Data in action
DAT is one example of a data provider delivering strategic insights for transportation network design, planning, and analysis, enabling shippers to manage the full transportation lifecycle in alignment with corporate strategies and business goals.
DAT boasts a rich legacy in the transportation sector, with thousands of customers relying on its data and analytics to fuel both day-to-day and long-term choices. The DAT iQ platform provides the industry’s most comprehensive transportation analytics, collecting data from over $150 billion in paid freight invoices to equip shippers with unparalleled real-time market visibility through rate, capacity, and performance analytics.
Leveraging market intelligence
Evaluating the wide range of technology available to shippers can feel overwhelming. However, clearly identifying key pain points off the bat streamlines the process, helping you pinpoint providers with tailored solutions. To help get the wheels turning, we’ve outlined common challenges our shipper customers enlist DAT iQ to help solve.
Eliminate transportation data silos
Aggregating, reviewing, and validating disparate data sets into a single source of information can be laborious, so leaning on DAT data services to take on those tasks can significantly reduce the time and effort required to turn data into trusted information.
Transportation costs have dropped to historic lows after skyrocketing during the pandemic, reflecting the cyclical nature of the freight market. Shippers can use DAT iQ to keep a pulse on these market cycles and keep their C-suite informed of comparative rate trends.
Design a smart network
Building a resilient portfolio requires carrier diversification and regular evaluation of performance. Using DAT, shippers can compare one-way and round-trip rates, drill down into key factors with advanced filtering, and analyze detailed market conditions to enhance network efficiency. Armed with these insights, shippers can better understand the implications of certain tradeoffs – between for-hire carriers, dedicated fleets, and private fleets, for example – on their ability to mitigate risk and balance cost with performance.
Equally as important as a macro view of market conditions is the ability to drill down to market insights that are directly relevant to each shipper. For example, the high costs and complexity of LTL capacity requires even more precise planning and forecasting to keep budgets in check.
When expanding network lanes, accurate rate insights from DAT iQ help shippers right-size budget expectations and prepare for carrier negotiations.
Validate RFP strategy and outcomes
Preparing and executing an RFP is resource-intensive, but less so with customized network insights at scale. Real-time optimizations will ultimately drive better cost and service performance, delivering wins that can be backed up by contextual information to easily frame wins during executive-level discussions.
Monitor routing guide compliance
Procurement and network management don’t end once the RFP is executed and operationalized. Shippers need to monitor RFP adherence and churn, particularly regarding new carriers or rate updates. DAT iQ Network Analytics offer lane- and carrier-level insights, aiding in identifying optimization opportunities for non-compliant rates or carriers relative to market benchmarks.
In an era defined by truckload market volatility, partnering with DAT Freight & Analytics can be a strategic opportunity for shippers seeking visibility into freight market rates and greater control over transportation operations. DAT not only provides the essential data but elevates its value through actionable insights, facilitating informed decisions in an intricate and dynamic landscape. To learn more about how DAT can empower your operations, visit www.dat.com/Empower_iQ